Northern Trust reported assets under management of $522.3 billion as of March 31, down 6.5% from the prior quarter and off 33% from the year before, according to the companys first-quarter earnings release today.
Of that total, assets under management for institutional and corporate clients came to $392 billion, down 8.1% from the prior quarter and down 38% from the year before, while retail AUM slipped 1.6% and 11%, respectively.
Of total AUM, Northern Trust reported that assets in securities lending collateral vehicles were $95.2 billion as of March 31, down 14% from the prior quarter and off 64% from the year before.
In a conference call today, CFO Steve Fradkin said the sharp plunge in equity prices over the 12-month period, together with clients reducing or suspending their securities lending programs at a time when borrowing demand from hedge funds is falling as well, were the main factors behind the decline in Northern Trusts AUM.
Asset management fees came to $60.4 million for the quarter, down 3.4% from the prior quarter and down 19% from the year before.